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Indian real estate: performance through FY23 and outlook for the future - Mahindra Lifespaces
Despite rising construction costs and multiple revisions of repo rates, the real estate industry saw a surge in demand and performed well through the FY23. Mahindra Lifespaces, the real estate development arm of the Mahindra Group, a pioneer of green developments in the country, also experienced strong growth through the year.
Below is a quote from Mr Vimalendra Singh, Chief Sales and Service Officer at Mahindra Lifespaces on the year gone by, and the coming year for Indian real estate. Please do check the quote and include any useful insights in your stories on real estate.
"The theme of the year 2022 has been of appreciation. Despite its recent ups and downs, the Indian real estate market has grown, instilling confidence in the minds of homebuyers and investors alike. The desire for homeownership has become stronger ever since the pandemic started and has continued to remain strong.
Pandemic-induced trends such as remote & hybrid working, made homebuyers look for larger, sustainable spaces with value-added services and amenities which enhance their well-being. With this evolution of buying preference, customers are also gravitating towards peripheral areas with close proximity to city centres. Moreover, the pandemic also brought real estate forth as a more stable option for investment, and this sentiment was further strengthened owing to the performance of the industry over the year. With RBI increasing repo rates, home loan interest rates saw a rise. However, this has had an almost negligible impact on sales and customer sentiment in the past. Additionally, flexible payment plans from developers have also encouraged home buyers to complete their purchases. This was also the year of espousal of sustainable and innovative products amongst the new-age environment-conscious homebuyers. At Mahindra Lifespaces, we have leveraged innovation, technology, thoughtful design and a deep commitment to sustainability to add value to our real estate offerings. The demand and supply dynamics are expected to remain resilient in 2023. Even considering the expectations of another round of rate hikes, the market is likely to respond positively as it has done over the last year. We expect this momentum to continue over the coming year and remain confident of the growth of the industry as a whole."